Citigroup Inc., the third-biggest U.S. bank, said that fixed-income veteran Chad Leat will retire after 16 years at the lender.
Leat, 56, was chairman of Citigroup’s Alternative Assets Group, which advises private-equity firms on leveraged buyouts. He will help with an “orderly transition,” Raymond J. McGuire, head of the bank’s advisory business, said in a memo to employees. Danielle Romero-Apsilos, a spokeswoman for the New York-based lender, confirmed the memo’s contents.
In 2006 and 2007, Leat was co-head of global credit markets, helping to oversee businesses including structured finance, according to a Citigroup biography. He was responsible for turning the bank’s leveraged-finance business into one of the biggest in the world, according to the biography.
Leveraged buyouts are acquisitions that rely on borrowing. Leat’s clients included private-equity firms KKR & Co., Blackstone Group LP, TPG Capital and Apollo Global Management LLC, according to the biography. Such companies pool money from investors including pension plans and endowments with a mandate to buy businesses within five to six years, then sell them and return the funds with a profit after about 10 years.
Leat, who has a bachelor’s degree from the University of Kansas, is a member of the Economics Club of New York and a director of the Hampton Classic Horse Show, according to the biography.
The Wall Street Journal reported Leat’s retirement earlier today.